Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-230007 August 3, 2020 2020 -1 EETC Investor Presentation August 3, 2020 Issuer Free Writing Prospectus Filed pursuant to Rule 433(d) Registration No. 333-230007 August 3, 2020 2020 -1 EETC Investor Presentation August 3, 2020

IMPORTANT DISCLOSURES Statements in this presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management’s beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the COVID-19 pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under the CARES Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in the Company’s Securities and Exchange Commission filings, including but not limited to, the Company's 2019 Annual Report on Form 10-K and its 2020 Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. Our forward-looking statements speak only as of the date of this presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This Presentation highlights basic information about JetBlue and the offering described herein. Because it is a summary, it does not contain all of the information that you should consider before investing. JetBlue has filed a registration statement (including a prospectus therein) and a related preliminary prospectus supplement with the SEC for the offering to which this presentation relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement (including the risk factors described therein) and other documents JetBlue has filed with the SEC for more complete information about JetBlue and the offering described herein. You may get these documents free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, JetBlue, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplements if you request it by calling Morgan Stanley & Co. LLC (“Morgan Stanley”) at 1-800-718-1649. This presentation also includes certain “non-GAAP financial measures” as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of theses non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within the Appendix A section of this presentation. Three independent appraisal and consulting firms have prepared appraisals of the aircraft that are hereinafter described. The appraisal of Aviation Specialists Group, Inc. (“ASG”) is dated July 6, 2020; the appraisal of BK Associates, Inc. (“BK”) is dated July 23, 2020; and the appraisal of Morten Beyer & Agnew, Inc. (“MBA”) is dated July 16, 2020. The appraised values provided by ASG are presented as of June 30, 2020, the appraisal value provided by BK are presented as of July 1, 2020, and the appraisal values provided by MBA are presented as of July 1, 2020. The appraisals do not purport to, and do not, reflect the current market value of such aircraft. Such appraisals of such aircraft are subject to a number of significant assumptions and methodologies (which differ among the appraisers) and were prepared without a physical inspection of such aircraft. Appraisals that are more current or are based on other assumptions and methodologies (or a different maintenance status or a physical inspection of such aircraft or reflect events occurring since the date of the appraisals) may result in valuations that are materially different from those contained in such appraisals of such aircraft. Please review the appraisal letters for additional details regarding the assumptions, qualifications and limitations related thereto. IMPORTANT DISCLOSURES Statements in this presentation (or otherwise made by JetBlue or on JetBlue’s behalf) contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management’s beliefs and assumptions concerning future events. When used in this document and in documents incorporated herein by reference, the words “expects,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, the COVID-19 pandemic and the outbreak of any other disease or similar public health threat that affects travel demand or behavior; restrictions on our business related to the financing we accepted under the CARES Act; our significant fixed obligations and substantial indebtedness; risk associated with execution of our strategic operating plans in the near-term and long-term; the recording of a material impairment loss of tangible or intangible assets; our extremely competitive industry; volatility in financial and credit markets which could affect our ability to obtain debt and/or lease financing or to raise funds through debt or equity issuances; volatility in fuel prices, maintenance costs and interest rates; our reliance on high daily aircraft utilization; our ability to implement our growth strategy; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on a limited number of suppliers, including for aircraft, aircraft engines and parts and vulnerability to delays by those suppliers; our dependence on the New York and Boston metropolitan markets and the effect of increased congestion in these markets; our reliance on automated systems and technology; our being subject to potential unionization, work stoppages, slowdowns or increased labor costs; our presence in some international emerging markets that may experience political or economic instability or may subject us to legal risk; reputational and business risk from information security breaches or cyber-attacks; changes in or additional domestic or foreign government regulation, including new or increased tariffs; changes in our industry due to other airlines' financial condition; acts of war or terrorism; global economic conditions or an economic downturn leading to a continuing or accelerated decrease in demand for air travel; adverse weather conditions or natural disasters; and external geopolitical events and conditions. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Further information concerning these and other factors is contained in the Company’s Securities and Exchange Commission filings, including but not limited to, the Company's 2019 Annual Report on Form 10-K and its 2020 Quarterly Reports on Form 10-Q. In light of these risks and uncertainties, the forward-looking events discussed in this presentation might not occur. Our forward-looking statements speak only as of the date of this presentation. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. This Presentation highlights basic information about JetBlue and the offering described herein. Because it is a summary, it does not contain all of the information that you should consider before investing. JetBlue has filed a registration statement (including a prospectus therein) and a related preliminary prospectus supplement with the SEC for the offering to which this presentation relates. Before you invest, you should read the prospectus and the preliminary prospectus supplement (including the risk factors described therein) and other documents JetBlue has filed with the SEC for more complete information about JetBlue and the offering described herein. You may get these documents free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, JetBlue, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the preliminary prospectus supplements if you request it by calling Morgan Stanley & Co. LLC (“Morgan Stanley”) at 1-800-718-1649. This presentation also includes certain “non-GAAP financial measures” as defined under the Exchange Act and in accordance with Regulation G. We have included reconciliations of theses non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP within the Appendix A section of this presentation. Three independent appraisal and consulting firms have prepared appraisals of the aircraft that are hereinafter described. The appraisal of Aviation Specialists Group, Inc. (“ASG”) is dated July 6, 2020; the appraisal of BK Associates, Inc. (“BK”) is dated July 23, 2020; and the appraisal of Morten Beyer & Agnew, Inc. (“MBA”) is dated July 16, 2020. The appraised values provided by ASG are presented as of June 30, 2020, the appraisal value provided by BK are presented as of July 1, 2020, and the appraisal values provided by MBA are presented as of July 1, 2020. The appraisals do not purport to, and do not, reflect the current market value of such aircraft. Such appraisals of such aircraft are subject to a number of significant assumptions and methodologies (which differ among the appraisers) and were prepared without a physical inspection of such aircraft. Appraisals that are more current or are based on other assumptions and methodologies (or a different maintenance status or a physical inspection of such aircraft or reflect events occurring since the date of the appraisals) may result in valuations that are materially different from those contained in such appraisals of such aircraft. Please review the appraisal letters for additional details regarding the assumptions, qualifications and limitations related thereto.

TABLE OF CONTENTS I. Update on Recent Events II.Transaction Overview III. Collateral Overview IV. 2Q 2020 Earnings Update 3 TABLE OF CONTENTS I. Update on Recent Events II.Transaction Overview III. Collateral Overview IV. 2Q 2020 Earnings Update 3

I. Update on Recent Events I. Update on Recent Events

PROACTIVELY POSITIONING JETBLUE TO WEATHER THE STORM ROBUST BALANCE SHEET OTHER LIQUIDITY ACTIONS • $3.4B of liquidity at 2Q close, equal to 42% of 2019 revenue • Raised ~$750M through secured term loan and $118M through sale leaseback transactions during 2Q; additional sale (2) • Cash burn at $7.7M/day by end of 2Q, better than leaseback transactions entered into in July 2020 and under expectations; continue to expect $7-9M/day in 3Q contract and review (1) (3) • Adjusted Debt to Cap ratio at 55% • Evaluating CARES Act Loan Program of $1.14B (4) 2Q 2020 EARNINGS 3Q 2020 PLANNING ASSUMPTION • 2Q revenue down (90%) YoY; capacity down (85%) YoY; • Expect 3Q 2020 YoY revenue down ~(80%); recent trends OpEx down (66%) YoY (GAAP), down (50%) YoY (non-GAAP) denote high volatility; tracking broadly to L-shape forecast (3) • Expect 3Q capacity down at least ~(45%) YoY • GAAP loss per share of ($1.18); non-GAAP loss per share of (3) ($2.02) (1) As of June 30, 2020 (2) Cash burn includes net sales, operating cash outlays, working capital timing, and excludes financing for future aircraft deliveries. This cash burn includes SW&B paid with PSP funds. Excludes CARES Act Payroll Support Program payment (3) Refer to reconciliations of non-GAAP financial measures in Appendix A (4) Current planning assumption as of July 28, 2020; does not constitute guidance or expectations as to actual results but used for liquidity planning 5 purposes PROACTIVELY POSITIONING JETBLUE TO WEATHER THE STORM ROBUST BALANCE SHEET OTHER LIQUIDITY ACTIONS • $3.4B of liquidity at 2Q close, equal to 42% of 2019 revenue • Raised ~$750M through secured term loan and $118M through sale leaseback transactions during 2Q; additional sale (2) • Cash burn at $7.7M/day by end of 2Q, better than leaseback transactions entered into in July 2020 and under expectations; continue to expect $7-9M/day in 3Q contract and review (1) (3) • Adjusted Debt to Cap ratio at 55% • Evaluating CARES Act Loan Program of $1.14B (4) 2Q 2020 EARNINGS 3Q 2020 PLANNING ASSUMPTION • 2Q revenue down (90%) YoY; capacity down (85%) YoY; • Expect 3Q 2020 YoY revenue down ~(80%); recent trends OpEx down (66%) YoY (GAAP), down (50%) YoY (non-GAAP) denote high volatility; tracking broadly to L-shape forecast (3) • Expect 3Q capacity down at least ~(45%) YoY • GAAP loss per share of ($1.18); non-GAAP loss per share of (3) ($2.02) (1) As of June 30, 2020 (2) Cash burn includes net sales, operating cash outlays, working capital timing, and excludes financing for future aircraft deliveries. This cash burn includes SW&B paid with PSP funds. Excludes CARES Act Payroll Support Program payment (3) Refer to reconciliations of non-GAAP financial measures in Appendix A (4) Current planning assumption as of July 28, 2020; does not constitute guidance or expectations as to actual results but used for liquidity planning 5 purposes

MAINTAINING A STRONG LIQUIDITY POSITION 3,434 118 717 936 533 1,799 403 691 550 67 150 78 3/31/20 Cash from CAPEX Debt Barclays Payroll Term Loan Sale Total Drawn (1) (2) Liquidity Ops Payments Point Support After Fees Leaseback Liquidity as Credit (3) (1) Purchase Program Transactions of 6/30/20 Revolver In late April, JetBlue applied for the Loan Program of the CARES Act and as a result expects to have the ability, through September 30, 2020, to borrow up to approximately (4) $1.14 billion from the Treasury for a term of up to five years with an interest rate of LIBOR plus margin (1) Cash, cash equivalents and short-term investments, and restricted cash obtained pursuant to the CARES Act PSP. (2) Operating cash burn through June 30, 2020. Cash burn includes net sales, operating cash outlays, working capital timing, and excludes financing for future aircraft deliveries. This cash burn includes SW&B paid with PSP funds (3) Includes $403M of PSP funds used to pay for SW&B and $533M of remaining restricted PSP funds (4) We have entered into a non-binding letter of intent with the Treasury for the Loan Program but have not yet decided if we will participate. Any loans issued under the Loan Program are expected to be senior secured obligations of the Company, with collateral to be determined 6 MAINTAINING A STRONG LIQUIDITY POSITION 3,434 118 717 936 533 1,799 403 691 550 67 150 78 3/31/20 Cash from CAPEX Debt Barclays Payroll Term Loan Sale Total Drawn (1) (2) Liquidity Ops Payments Point Support After Fees Leaseback Liquidity as Credit (3) (1) Purchase Program Transactions of 6/30/20 Revolver In late April, JetBlue applied for the Loan Program of the CARES Act and as a result expects to have the ability, through September 30, 2020, to borrow up to approximately (4) $1.14 billion from the Treasury for a term of up to five years with an interest rate of LIBOR plus margin (1) Cash, cash equivalents and short-term investments, and restricted cash obtained pursuant to the CARES Act PSP. (2) Operating cash burn through June 30, 2020. Cash burn includes net sales, operating cash outlays, working capital timing, and excludes financing for future aircraft deliveries. This cash burn includes SW&B paid with PSP funds (3) Includes $403M of PSP funds used to pay for SW&B and $533M of remaining restricted PSP funds (4) We have entered into a non-binding letter of intent with the Treasury for the Loan Program but have not yet decided if we will participate. Any loans issued under the Loan Program are expected to be senior secured obligations of the Company, with collateral to be determined 6

FOCUSED ON NEAR AND LONG TERM RECOVERY PLAN • Balance capacity, aligning variable costs to revenue trends • Support cash generation with tactical network actions 1. Reduce Cash Burn • Reduce working capital and near-term CAPEX • Generate operating cash, working towards positive free cash flow • Reduce fixed cost base to support recovery efforts 2. Rebuild Margins • Balance ROIC-accretive fleet and technology investments • Aim to achieve pre-COVID investment grade metrics • Balance CAPEX in light of required debt payments 3. Repair Balance Sheet • Maintain liquidity to mitigate impact of demand environment 7 FOCUSED ON NEAR AND LONG TERM RECOVERY PLAN • Balance capacity, aligning variable costs to revenue trends • Support cash generation with tactical network actions 1. Reduce Cash Burn • Reduce working capital and near-term CAPEX • Generate operating cash, working towards positive free cash flow • Reduce fixed cost base to support recovery efforts 2. Rebuild Margins • Balance ROIC-accretive fleet and technology investments • Aim to achieve pre-COVID investment grade metrics • Balance CAPEX in light of required debt payments 3. Repair Balance Sheet • Maintain liquidity to mitigate impact of demand environment 7

EXECUTING STRATEGY TO MANAGE SHORT TERM AND ACCELERATE RECOVERY Agreement reached with LAWA to grow LAX to 70 daily departures by 2025 SHORT- MEDIUM TERM ACTIONS LONG TERM ACTIONS • Leveraging Newark access to strengthen New York Focus City • Partnering with American Airlines to bring low-fares, increase options for Northeast customers • Reallocating assets to reflect demand environment, generate cash; maintaining flexibility to adjust capacity as needed • Consolidating Long Beach operation to LAX to drive efficiency in near-term; solidifying Transcon success, and setting up platform for future growth • Permanently closing Long Beach, and tactically suspending under-performing margin routes • Improving connectivity in Fort Lauderdale to strengthen competitive advantage, complement point-to-point model 8 EXECUTING STRATEGY TO MANAGE SHORT TERM AND ACCELERATE RECOVERY Agreement reached with LAWA to grow LAX to 70 daily departures by 2025 SHORT- MEDIUM TERM ACTIONS LONG TERM ACTIONS • Leveraging Newark access to strengthen New York Focus City • Partnering with American Airlines to bring low-fares, increase options for Northeast customers • Reallocating assets to reflect demand environment, generate cash; maintaining flexibility to adjust capacity as needed • Consolidating Long Beach operation to LAX to drive efficiency in near-term; solidifying Transcon success, and setting up platform for future growth • Permanently closing Long Beach, and tactically suspending under-performing margin routes • Improving connectivity in Fort Lauderdale to strengthen competitive advantage, complement point-to-point model 8

II. Transaction Overview II. Transaction Overview

TRANSACTION OVERVIEW • JetBlue Airways Corporation (“JetBlue ” or “JBLU”) intends to raise $807,792,000 through the offering of Pass Through Equipment Trust Certificates, Series 2020-1A and 2020-1B (the “Certificates”) − The Class A face amount of $635,462,000 (the “Class A Certificates”) − The Class B face amount of $172,330,000 (the “Class B Certificates”) • The Equipment Notes underlying the Certificates will have the benefit of a security interest in 24 Airbus A321 aircraft − 17 Airbus A321-231 aircraft delivered new to JetBlue between January 2015 and January 2017 − 7 Airbus A321-271NX aircraft delivered new to JetBlue between June 2019 and February 2020 (1) • The Certificates offered in the transaction will consist of two tranches of amortizing debt : − Class A senior tranche amortizing over 12.2 years, with a 59.0% / 59.5% Initial / Max LTV − Class B senior tranche amortizing over 8.2 years, with a 75.0% / 75.7% Initial / Max LTV • The transaction’s legal structure will include: − Standard cross-collateralization, cross-default and buy-out rights − Liquidity facilities covering three successive semi-annual interest payments on the Certificates − Interest on Eligible Pool Balance of the Class B Certificates is paid ahead of principal on the Class A Certificates • JBLU will retain the right to issue subordinated tranches on or after the Issuance Date • Structuring Agent: Morgan Stanley • Joint Bookrunners: Morgan Stanley, Goldman Sachs, Barclays, and BNP Paribas • Liquidity Facility Provider: Natixis, acting via its New York Branch (1) Initial LTV for the Class A and Class B Certificates is calculated as of August 17, 2020, which is assumed to be the closing date of the offering (the “Issuance Date”). Maximum LTV for the Class A and Class B Certificates is calculated as of November 15, 2020, which is assumed to be the first Regular Distribution Date. 10 TRANSACTION OVERVIEW • JetBlue Airways Corporation (“JetBlue ” or “JBLU”) intends to raise $807,792,000 through the offering of Pass Through Equipment Trust Certificates, Series 2020-1A and 2020-1B (the “Certificates”) − The Class A face amount of $635,462,000 (the “Class A Certificates”) − The Class B face amount of $172,330,000 (the “Class B Certificates”) • The Equipment Notes underlying the Certificates will have the benefit of a security interest in 24 Airbus A321 aircraft − 17 Airbus A321-231 aircraft delivered new to JetBlue between January 2015 and January 2017 − 7 Airbus A321-271NX aircraft delivered new to JetBlue between June 2019 and February 2020 (1) • The Certificates offered in the transaction will consist of two tranches of amortizing debt : − Class A senior tranche amortizing over 12.2 years, with a 59.0% / 59.5% Initial / Max LTV − Class B senior tranche amortizing over 8.2 years, with a 75.0% / 75.7% Initial / Max LTV • The transaction’s legal structure will include: − Standard cross-collateralization, cross-default and buy-out rights − Liquidity facilities covering three successive semi-annual interest payments on the Certificates − Interest on Eligible Pool Balance of the Class B Certificates is paid ahead of principal on the Class A Certificates • JBLU will retain the right to issue subordinated tranches on or after the Issuance Date • Structuring Agent: Morgan Stanley • Joint Bookrunners: Morgan Stanley, Goldman Sachs, Barclays, and BNP Paribas • Liquidity Facility Provider: Natixis, acting via its New York Branch (1) Initial LTV for the Class A and Class B Certificates is calculated as of August 17, 2020, which is assumed to be the closing date of the offering (the “Issuance Date”). Maximum LTV for the Class A and Class B Certificates is calculated as of November 15, 2020, which is assumed to be the first Regular Distribution Date. 10

JETBLUE AIRWAYS SERIES 2020-1 EETC Class A Certificates Class B Certificates Initial Face Amount $635,462,000 $172,330,000 Ratings (Moody’s / Fitch) A2 / A Baa2 / BBB (1) Initial / Max LTV 59.0% / 59.5% 75.0% / 75.7% (2) Weighted Average Life (Years) 7.7 5.1 Regular Distribution Dates May 15 and November 15 May 15 and November 15 (3) Final Expected Regular Distribution Date November 15, 2032 November 15, 2028 (4) Final Legal Distribution Date May 15, 2034 May 15, 2030 Section 1110 Protection Yes Yes Liquidity Facility Three consecutive semiannual interest payments Three consecutive semiannual interest payments (1) Initial LTV for the Certificates is calculated as of the Issuance Date. Maximum LTV for the Class A and Class B Certificates is calculated as of November 15, 2020, which is assumed to be the first Regular Distribution Date (2) Weighted Average life is calculated as of the Issuance Date (3) Each series of Equipment Notes will mature on the final expected Regular Distribution Date for the related class of Certificates (4) The Final Legal Distribution Date for the each class of the Certificates is the date that is 18 months after the final expected Regular Distribution Date for the relevant Certificates, which represents the period corresponding to the applicable Liquidity Facility coverage on such certificates of three consecutive semiannual interest payments 11 JETBLUE AIRWAYS SERIES 2020-1 EETC Class A Certificates Class B Certificates Initial Face Amount $635,462,000 $172,330,000 Ratings (Moody’s / Fitch) A2 / A Baa2 / BBB (1) Initial / Max LTV 59.0% / 59.5% 75.0% / 75.7% (2) Weighted Average Life (Years) 7.7 5.1 Regular Distribution Dates May 15 and November 15 May 15 and November 15 (3) Final Expected Regular Distribution Date November 15, 2032 November 15, 2028 (4) Final Legal Distribution Date May 15, 2034 May 15, 2030 Section 1110 Protection Yes Yes Liquidity Facility Three consecutive semiannual interest payments Three consecutive semiannual interest payments (1) Initial LTV for the Certificates is calculated as of the Issuance Date. Maximum LTV for the Class A and Class B Certificates is calculated as of November 15, 2020, which is assumed to be the first Regular Distribution Date (2) Weighted Average life is calculated as of the Issuance Date (3) Each series of Equipment Notes will mature on the final expected Regular Distribution Date for the related class of Certificates (4) The Final Legal Distribution Date for the each class of the Certificates is the date that is 18 months after the final expected Regular Distribution Date for the relevant Certificates, which represents the period corresponding to the applicable Liquidity Facility coverage on such certificates of three consecutive semiannual interest payments 11

AIRCRAFT COLLATERAL SUMMARY • JetBlue obtained appraised values for the aircraft from Aviation Specialist Group, Inc. (“ASG”), BK Associates, Inc. (“BK”) and Morten Beyer & Agnew, Inc. (“mba”). (1) Aggregate LMM appraised value is approximately $1.08 billion (1) (2) − LMM of the appraisals indicates a minimum collateral cushion of 40.5% and 24.3% on the Class A Certificates and Class B Certificates, respectively , which increases over time as the Class A and Class B Certificates amortize Appraised Values (USD millions) Aircraft Registration Body Engine MTOW (3) Number Aircraft Type MSN Number Type MINT / HD Type (lbs) Month of Delivery mba ASG BK LMM 1 A321-231 6425 N946JL NB MINT V2533-A5 205,030 January 2015 $38.29 $37.60 $35.94 37.28 2 A321-231 6448 N947JB NB MINT V2533-A5 205,030 February 2015 37.54 36.80 35.31 36.55 3 A321-231 6560 N948JB NB HD V2533-A5 205,030 April 2015 36.82 36.80 34.30 35.97 4 A321-231 6575 N949JT NB HD V2533-A5 205,030 May 2015 37.00 36.80 34.53 36.11 5 A321-231 6609 N950JT NB HD V2533-A5 205,030 May 2015 38.50 40.50 38.38 38.50 A321-231 6663 N952JB HD V2533-A5 205,030 June 2015 37.42 34.97 6 NB 37.00 36.46 7 A321-231 6725 N954JB NB HD V2533-A5 205,030 August 2015 37.97 37.70 35.80 37.16 8 A321-231 6903 N959JB NB HD V2533-A5 205,030 December 2015 39.37 38.60 37.53 38.50 9 A321-231 6930 N961JT NB MINT V2533-A5 205,030 January 2016 40.47 40.10 39.35 39.97 10 A321-231 7018 N964JT NB MINT V2533-A5 205,030 March 2016 45.44 44.30 44.90 44.88 11 A321-231 6988 N962JT NB MINT V2533-A5 205,030 April 2016 41.39 40.90 40.62 40.90 12 A321-231 7257 N967JT NB MINT V2533-A5 205,030 August 2016 42.20 41.80 42.15 42.05 A321-231 7305 N968JT MINT V2533-A5 205,030 September 2016 42.43 42.43 13 NB 41.80 42.22 14 A321-231 7353 N969JT NB MINT V2533-A5 205,030 October 2016 42.65 42.60 42.69 42.65 15 A321-231 7415 N970JB NB MINT V2533-A5 205,030 November 2016 42.53 42.10 42.21 42.21 A321-231 7455 N972JT HD V2533-A5 205,030 December 2016 42.75 42.76 16 NB 42.20 42.57 17 A321-231 7520 N975JT NB HD V2533-A5 205,030 January 2017 43.00 43.00 42.90 42.97 18 A321-271NX 8823 N2002J NB HD PW1133G-JM 206,132 June 2019 55.69 55.50 57.50 55.69 19 A321-271NX 8893 N2016J NB HD PW1133G-JM 206,132 October 2019 56.80 57.20 58.22 57.20 20 A321-271NX 9054 N2029J NB HD PW1133G-JM 206,132 November 2019 57.08 57.20 58.67 57.20 21 A321-271NX 8971 N2017J NB HD PW1133G-JM 206,132 November 2019 57.08 57.20 58.72 57.20 22 A321-271NX 9145 N2038J NB HD PW1133G-JM 206,132 December 2019 57.36 57.20 59.13 57.36 A321-271NX 9121 N2027J HD PW1133G-JM 206,132 December 2019 57.36 59.32 23 NB 57.20 57.36 24 A321-271NX 9016 N2039J NB HD PW1133G-JM 206,132 February 2020 57.76 58.10 60.24 58.10 Total 1,077.06 (1) The lesser of the mean and median (“LMM”) appraised values as appraised by ASG, BK and mba as of June 30, 2020, July 1, 2020 and July 1, 2020, respectively. Each appraisal indicates the appraised base value of each aircraft, adjusted as described in such appraisal. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. See Appendix II of the Preliminary Prospectus Supplement for information regarding each appraiser’s appraisal methodology (2) Minimum collateral cushion is calculated as of November 15, 2020, the first Regular Distribution Date, using the Maximum LTV set forth under “Prospectus Supplement Summary – Loan to Aircraft Value Ratios” in the Preliminary Prospectus Supplement (3) Seating capacity is 200 seats in JetBlue’s standard configuration (“HD”) and 159 seats in JetBlue’s Mint configuration (“MINT”) 12 AIRCRAFT COLLATERAL SUMMARY • JetBlue obtained appraised values for the aircraft from Aviation Specialist Group, Inc. (“ASG”), BK Associates, Inc. (“BK”) and Morten Beyer & Agnew, Inc. (“mba”). (1) Aggregate LMM appraised value is approximately $1.08 billion (1) (2) − LMM of the appraisals indicates a minimum collateral cushion of 40.5% and 24.3% on the Class A Certificates and Class B Certificates, respectively , which increases over time as the Class A and Class B Certificates amortize Appraised Values (USD millions) Aircraft Registration Body Engine MTOW (3) Number Aircraft Type MSN Number Type MINT / HD Type (lbs) Month of Delivery mba ASG BK LMM 1 A321-231 6425 N946JL NB MINT V2533-A5 205,030 January 2015 $38.29 $37.60 $35.94 37.28 2 A321-231 6448 N947JB NB MINT V2533-A5 205,030 February 2015 37.54 36.80 35.31 36.55 3 A321-231 6560 N948JB NB HD V2533-A5 205,030 April 2015 36.82 36.80 34.30 35.97 4 A321-231 6575 N949JT NB HD V2533-A5 205,030 May 2015 37.00 36.80 34.53 36.11 5 A321-231 6609 N950JT NB HD V2533-A5 205,030 May 2015 38.50 40.50 38.38 38.50 A321-231 6663 N952JB HD V2533-A5 205,030 June 2015 37.42 34.97 6 NB 37.00 36.46 7 A321-231 6725 N954JB NB HD V2533-A5 205,030 August 2015 37.97 37.70 35.80 37.16 8 A321-231 6903 N959JB NB HD V2533-A5 205,030 December 2015 39.37 38.60 37.53 38.50 9 A321-231 6930 N961JT NB MINT V2533-A5 205,030 January 2016 40.47 40.10 39.35 39.97 10 A321-231 7018 N964JT NB MINT V2533-A5 205,030 March 2016 45.44 44.30 44.90 44.88 11 A321-231 6988 N962JT NB MINT V2533-A5 205,030 April 2016 41.39 40.90 40.62 40.90 12 A321-231 7257 N967JT NB MINT V2533-A5 205,030 August 2016 42.20 41.80 42.15 42.05 A321-231 7305 N968JT MINT V2533-A5 205,030 September 2016 42.43 42.43 13 NB 41.80 42.22 14 A321-231 7353 N969JT NB MINT V2533-A5 205,030 October 2016 42.65 42.60 42.69 42.65 15 A321-231 7415 N970JB NB MINT V2533-A5 205,030 November 2016 42.53 42.10 42.21 42.21 A321-231 7455 N972JT HD V2533-A5 205,030 December 2016 42.75 42.76 16 NB 42.20 42.57 17 A321-231 7520 N975JT NB HD V2533-A5 205,030 January 2017 43.00 43.00 42.90 42.97 18 A321-271NX 8823 N2002J NB HD PW1133G-JM 206,132 June 2019 55.69 55.50 57.50 55.69 19 A321-271NX 8893 N2016J NB HD PW1133G-JM 206,132 October 2019 56.80 57.20 58.22 57.20 20 A321-271NX 9054 N2029J NB HD PW1133G-JM 206,132 November 2019 57.08 57.20 58.67 57.20 21 A321-271NX 8971 N2017J NB HD PW1133G-JM 206,132 November 2019 57.08 57.20 58.72 57.20 22 A321-271NX 9145 N2038J NB HD PW1133G-JM 206,132 December 2019 57.36 57.20 59.13 57.36 A321-271NX 9121 N2027J HD PW1133G-JM 206,132 December 2019 57.36 59.32 23 NB 57.20 57.36 24 A321-271NX 9016 N2039J NB HD PW1133G-JM 206,132 February 2020 57.76 58.10 60.24 58.10 Total 1,077.06 (1) The lesser of the mean and median (“LMM”) appraised values as appraised by ASG, BK and mba as of June 30, 2020, July 1, 2020 and July 1, 2020, respectively. Each appraisal indicates the appraised base value of each aircraft, adjusted as described in such appraisal. An appraisal is only an estimate of value and should not be relied upon as a measure of realizable value. See Appendix II of the Preliminary Prospectus Supplement for information regarding each appraiser’s appraisal methodology (2) Minimum collateral cushion is calculated as of November 15, 2020, the first Regular Distribution Date, using the Maximum LTV set forth under “Prospectus Supplement Summary – Loan to Aircraft Value Ratios” in the Preliminary Prospectus Supplement (3) Seating capacity is 200 seats in JetBlue’s standard configuration (“HD”) and 159 seats in JetBlue’s Mint configuration (“MINT”) 12

AIRCRAFT VALUES, DEPRECIATION, & LTV SCHEDULES Total Aircraft Debt Balance Principal Amortization LTV (1) Date Period Value Class A Class B Class A Class B Class A Class B At Issuance 0.0 $1,077,056,667 $635,462,000 $172,330,000 - - 59.0% 75.0% November 15, 2020 0.2 1,067,116,024 635,462,000 172,330,000 - - 59.5% 75.7% May 15, 2021 0.7 1,049,413,652 614,670,643 163,339,662 20,791,357 8,990,338 58.6% 74.1% November 15, 2021 1.2 1,031,711,280 593,879,287 154,349,325 20,791,357 8,990,338 57.6% 72.5% May 15, 2022 1.7 1,014,008,908 573,087,930 145,358,987 20,791,357 8,990,338 56.5% 70.9% November 15, 2022 2.2 996,306,536 552,296,574 136,368,650 20,791,357 8,990,338 55.4% 69.1% May 15, 2023 2.7 978,604,164 531,505,217 127,378,312 20,791,357 8,990,338 54.3% 67.3% November 15, 2023 3.2 960,901,792 510,713,860 118,387,975 20,791,357 8,990,338 53.1% 65.5% May 15, 2024 3.7 943,199,420 489,922,504 109,397,637 20,791,357 8,990,338 51.9% 63.5% November 15, 2024 4.2 925,497,048 469,131,147 100,407,300 20,791,357 8,990,338 50.7% 61.5% May 15, 2025 4.7 907,794,676 448,339,791 91,416,962 20,791,357 8,990,338 49.4% 59.5% November 15, 2025 5.2 890,092,304 427,548,434 82,426,624 20,791,357 8,990,338 48.0% 57.3% May 15, 2026 5.7 872,389,932 406,757,078 73,436,287 20,791,357 8,990,338 46.6% 55.0% November 15, 2026 6.2 854,687,560 385,965,721 64,445,949 20,791,357 8,990,338 45.2% 52.7% May 15, 2027 6.7 836,985,188 365,174,364 55,455,612 20,791,357 8,990,338 43.6% 50.3% November 15, 2027 7.2 819,282,816 344,383,008 46,465,274 20,791,357 8,990,338 42.0% 47.7% May 15, 2028 7.7 801,580,444 323,591,651 37,474,937 20,791,357 8,990,338 40.4% 45.0% November 15, 2028 8.2 783,878,072 302,800,295 20,791,357 37,474,937 38.6% - May 15, 2029 8.7 766,175,700 282,008,938 20,791,357 - 36.8% - November 15, 2029 9.2 748,473,329 261,217,581 20,791,357 - 34.9% - May 15, 2030 9.7 730,770,957 240,426,225 20,791,357 - 32.9% - November 15, 2030 10.2 712,210,291 219,634,868 20,791,357 - 30.8% - May 15, 2031 10.7 692,993,885 198,843,512 20,791,357 - 28.7% - November 15, 2031 11.2 672,840,429 178,052,155 20,791,357 - 26.5% - May 15, 2032 11.7 651,977,941 157,260,798 20,791,357 - 24.1% - November 15, 2032 12.2 630,405,741 - 157,260,798 - (1) Total Aircraft Value at issuance is the sum of the lesser of the LMM of the adjusted base value of each aircraft as appraised by ASG, BK, and mba. Total Aircraft Value for any other date shown assumes that the value of each aircraft depreciates annually by approximately 3% of the appraised value at delivery per year for the first 15 years after delivery of such Aircraft by the Aircraft manufacturer, by approximately 4% per year thereafter for the next five years and by approximately 5% per year each year after that. 13 AIRCRAFT VALUES, DEPRECIATION, & LTV SCHEDULES Total Aircraft Debt Balance Principal Amortization LTV (1) Date Period Value Class A Class B Class A Class B Class A Class B At Issuance 0.0 $1,077,056,667 $635,462,000 $172,330,000 - - 59.0% 75.0% November 15, 2020 0.2 1,067,116,024 635,462,000 172,330,000 - - 59.5% 75.7% May 15, 2021 0.7 1,049,413,652 614,670,643 163,339,662 20,791,357 8,990,338 58.6% 74.1% November 15, 2021 1.2 1,031,711,280 593,879,287 154,349,325 20,791,357 8,990,338 57.6% 72.5% May 15, 2022 1.7 1,014,008,908 573,087,930 145,358,987 20,791,357 8,990,338 56.5% 70.9% November 15, 2022 2.2 996,306,536 552,296,574 136,368,650 20,791,357 8,990,338 55.4% 69.1% May 15, 2023 2.7 978,604,164 531,505,217 127,378,312 20,791,357 8,990,338 54.3% 67.3% November 15, 2023 3.2 960,901,792 510,713,860 118,387,975 20,791,357 8,990,338 53.1% 65.5% May 15, 2024 3.7 943,199,420 489,922,504 109,397,637 20,791,357 8,990,338 51.9% 63.5% November 15, 2024 4.2 925,497,048 469,131,147 100,407,300 20,791,357 8,990,338 50.7% 61.5% May 15, 2025 4.7 907,794,676 448,339,791 91,416,962 20,791,357 8,990,338 49.4% 59.5% November 15, 2025 5.2 890,092,304 427,548,434 82,426,624 20,791,357 8,990,338 48.0% 57.3% May 15, 2026 5.7 872,389,932 406,757,078 73,436,287 20,791,357 8,990,338 46.6% 55.0% November 15, 2026 6.2 854,687,560 385,965,721 64,445,949 20,791,357 8,990,338 45.2% 52.7% May 15, 2027 6.7 836,985,188 365,174,364 55,455,612 20,791,357 8,990,338 43.6% 50.3% November 15, 2027 7.2 819,282,816 344,383,008 46,465,274 20,791,357 8,990,338 42.0% 47.7% May 15, 2028 7.7 801,580,444 323,591,651 37,474,937 20,791,357 8,990,338 40.4% 45.0% November 15, 2028 8.2 783,878,072 302,800,295 20,791,357 37,474,937 38.6% - May 15, 2029 8.7 766,175,700 282,008,938 20,791,357 - 36.8% - November 15, 2029 9.2 748,473,329 261,217,581 20,791,357 - 34.9% - May 15, 2030 9.7 730,770,957 240,426,225 20,791,357 - 32.9% - November 15, 2030 10.2 712,210,291 219,634,868 20,791,357 - 30.8% - May 15, 2031 10.7 692,993,885 198,843,512 20,791,357 - 28.7% - November 15, 2031 11.2 672,840,429 178,052,155 20,791,357 - 26.5% - May 15, 2032 11.7 651,977,941 157,260,798 20,791,357 - 24.1% - November 15, 2032 12.2 630,405,741 - 157,260,798 - (1) Total Aircraft Value at issuance is the sum of the lesser of the LMM of the adjusted base value of each aircraft as appraised by ASG, BK, and mba. Total Aircraft Value for any other date shown assumes that the value of each aircraft depreciates annually by approximately 3% of the appraised value at delivery per year for the first 15 years after delivery of such Aircraft by the Aircraft manufacturer, by approximately 4% per year thereafter for the next five years and by approximately 5% per year each year after that. 13

KEY STRUCTURAL ELEMENTS Classes of Certificates • Each class of Certificates will benefit from a separate liquidity facility covering three consecutive semi-annual interest payments Offered • Same waterfall both before and after an event of default Waterfall • Interest on Eligible Pool Balance of Class B Certificates is paid ahead of principal on the Class A Certificates • The Equipment Notes will be cross-collateralized by all aircraft in the portfolio Cross- Collateralization • All indentures will include cross-default provisions • If subordinated certificates are issued, after a Certificate Buyout Event, subordinated Certificate holders have the right to purchase all Buyout Rights (but not less than all) of the then outstanding more senior classes of Certificates at par plus accrued and unpaid interest • JetBlue may, at any time and from time to time, substitute an aircraft in JBLU 2020-1 with one or more aircraft (other than widebody aircraft) of the same or a different model of the same manufacturer (or any of its affiliates) as the aircraft being replaced as long as certain conditions are satisfied Substitution • These conditions include but are not limited to i) written confirmation from rating agencies that substituting such aircraft for the Rights replaced aircraft will not result in a withdrawal, suspension or downgrading of the rating of any Class of Certificates then rated by such rating agencies that remain outstanding, ii) the airframe of the substitute aircraft has a manufacture date no earlier than one year prior to that of the original airframe subject to the lien of the related indenture on the Issuance Date and iii) the aggregate appraised value of the substitute aircraft is of equal or greater value than the aircraft being substituted Collateral • 24x A321 aircraft, strategically core to JetBlue’s fleet operations, delivered between January 2015 and February 2020 Additional Certificates • JetBlue retains the option to issue subordinated classes of Certificates at any time on or after the Issuance Date 14 KEY STRUCTURAL ELEMENTS Classes of Certificates • Each class of Certificates will benefit from a separate liquidity facility covering three consecutive semi-annual interest payments Offered • Same waterfall both before and after an event of default Waterfall • Interest on Eligible Pool Balance of Class B Certificates is paid ahead of principal on the Class A Certificates • The Equipment Notes will be cross-collateralized by all aircraft in the portfolio Cross- Collateralization • All indentures will include cross-default provisions • If subordinated certificates are issued, after a Certificate Buyout Event, subordinated Certificate holders have the right to purchase all Buyout Rights (but not less than all) of the then outstanding more senior classes of Certificates at par plus accrued and unpaid interest • JetBlue may, at any time and from time to time, substitute an aircraft in JBLU 2020-1 with one or more aircraft (other than widebody aircraft) of the same or a different model of the same manufacturer (or any of its affiliates) as the aircraft being replaced as long as certain conditions are satisfied Substitution • These conditions include but are not limited to i) written confirmation from rating agencies that substituting such aircraft for the Rights replaced aircraft will not result in a withdrawal, suspension or downgrading of the rating of any Class of Certificates then rated by such rating agencies that remain outstanding, ii) the airframe of the substitute aircraft has a manufacture date no earlier than one year prior to that of the original airframe subject to the lien of the related indenture on the Issuance Date and iii) the aggregate appraised value of the substitute aircraft is of equal or greater value than the aircraft being substituted Collateral • 24x A321 aircraft, strategically core to JetBlue’s fleet operations, delivered between January 2015 and February 2020 Additional Certificates • JetBlue retains the option to issue subordinated classes of Certificates at any time on or after the Issuance Date 14

III. Collateral Overview III. Collateral Overview

YOUNG, NARROWBODY ASSETS SECURE JBLU 2020-1 EETC (2) JBLU 2020-1 JETBLUE FLEET BY AIRCRAFT TYPE Average • The JBLU 2020-1 collateral pool consists entirely of (1) Aircraft Age : narrowbody aircraft that were delivered new to JetBlue 14.8 years between January 2015 and February 2020 130 • Of the 36 aircraft delivered to JetBlue since 2017, 24 are Average Average included in the JBLU 2020-1 collateral pool. These aircraft (1) (1) Aircraft Age : Aircraft Age : 11.7 years 4.0 years represent some of JetBlue’s youngest aircraft: 63 (1) Average Age 60 46 Average JetBlue Fleet JBLU 2020-1 Pool (1) Aircraft Age : 0.6 years All Aircraft Variant 11.0 years - 10 17 A321ceo 4.0 years 4.4 years 3 7 A321neo 0.6 years 0.6 years A320 E190 A321ceo A321neo JBLU 2020-1 Aircraft Source: JetBlue (1) Represents the simple average calculated as of the Issuance Date (2) Aircraft count as of June 30, 2020 16 YOUNG, NARROWBODY ASSETS SECURE JBLU 2020-1 EETC (2) JBLU 2020-1 JETBLUE FLEET BY AIRCRAFT TYPE Average • The JBLU 2020-1 collateral pool consists entirely of (1) Aircraft Age : narrowbody aircraft that were delivered new to JetBlue 14.8 years between January 2015 and February 2020 130 • Of the 36 aircraft delivered to JetBlue since 2017, 24 are Average Average included in the JBLU 2020-1 collateral pool. These aircraft (1) (1) Aircraft Age : Aircraft Age : 11.7 years 4.0 years represent some of JetBlue’s youngest aircraft: 63 (1) Average Age 60 46 Average JetBlue Fleet JBLU 2020-1 Pool (1) Aircraft Age : 0.6 years All Aircraft Variant 11.0 years - 10 17 A321ceo 4.0 years 4.4 years 3 7 A321neo 0.6 years 0.6 years A320 E190 A321ceo A321neo JBLU 2020-1 Aircraft Source: JetBlue (1) Represents the simple average calculated as of the Issuance Date (2) Aircraft count as of June 30, 2020 16

THE COLLATERAL: AIRBUS A321-200 The Airbus A321-200 has continued the heritage of the A320 family’s “most marketable aircraft” reputation • Recent vintages of the A321-200 have been able to command higher market valuations due to the implementation of certain enhancements − Sharklets improve fuel burn and increase the range by over 100nm, providing US transcontinental range − Maximum seating was also increased to take advantage of traffic growth, allowing for over 200 passengers • The A321-200 offers lower seat-mile costs compared to other similarly sized aircraft, with the added benefit of more capacity at slot-constrained airports Top 5 A321-200 Operators A321-200 Liquidity / Market Update Airbus A321-200 Fleet Distribution (In Service / Stored / On Order) Operator Quantity Lat. Am & Middle East • Currently, there are 565 A321-200 aircraft in service / on American Airlines 219 Carribean 3.0 % order with approximately 49 operators 4.0 % Delta Air Lines 127 China Southern Airlines 99 • Backlog is now only 35 aircraft as production shifts to the Turkish Airlines 68 A321neo; production likely to end in 2021 JetBlue Airways 66 • Use of the A321 has become widespread in China, with the Total 579 Asia-Pacific Europe A321 establishing itself as the standard bearer on high- 36.0 % 27.0 % capacity single-aisle domestic routes Top 5 A321-200 Lessors (In Service / Stored / On Order) • The A321-200s continue the A320 family’s heritage as one Operator Quantity of the most in-demand aircraft on the market, leveraging a AerCap 73 large customer base and commonality with the A320 family North Avolon 51 America • Freighter conversion programs are providing good end-of- 30.0 % BBAM 48 life prospects, with first due in 2020 BOC Aviation 41 Air Leased 38 Total 251 Source: Cirium Fleets Analyzer, Ascend Asset Market Commentary as of Q2 2020 17 THE COLLATERAL: AIRBUS A321-200 The Airbus A321-200 has continued the heritage of the A320 family’s “most marketable aircraft” reputation • Recent vintages of the A321-200 have been able to command higher market valuations due to the implementation of certain enhancements − Sharklets improve fuel burn and increase the range by over 100nm, providing US transcontinental range − Maximum seating was also increased to take advantage of traffic growth, allowing for over 200 passengers • The A321-200 offers lower seat-mile costs compared to other similarly sized aircraft, with the added benefit of more capacity at slot-constrained airports Top 5 A321-200 Operators A321-200 Liquidity / Market Update Airbus A321-200 Fleet Distribution (In Service / Stored / On Order) Operator Quantity Lat. Am & Middle East • Currently, there are 565 A321-200 aircraft in service / on American Airlines 219 Carribean 3.0 % order with approximately 49 operators 4.0 % Delta Air Lines 127 China Southern Airlines 99 • Backlog is now only 35 aircraft as production shifts to the Turkish Airlines 68 A321neo; production likely to end in 2021 JetBlue Airways 66 • Use of the A321 has become widespread in China, with the Total 579 Asia-Pacific Europe A321 establishing itself as the standard bearer on high- 36.0 % 27.0 % capacity single-aisle domestic routes Top 5 A321-200 Lessors (In Service / Stored / On Order) • The A321-200s continue the A320 family’s heritage as one Operator Quantity of the most in-demand aircraft on the market, leveraging a AerCap 73 large customer base and commonality with the A320 family North Avolon 51 America • Freighter conversion programs are providing good end-of- 30.0 % BBAM 48 life prospects, with first due in 2020 BOC Aviation 41 Air Leased 38 Total 251 Source: Cirium Fleets Analyzer, Ascend Asset Market Commentary as of Q2 2020 17

THE COLLATERAL: AIRBUS A321neo The Airbus A321neo is the most prominent competing narrowbody aircraft to the Boeing 737 Max • Compelling economics and payload/range capability at top of single-aisle market, with fuel burn savings at more than 15% over the Ceo • A321neo ACF with 240 seats now in service, as well as first A321LRs, already operating transatlantic scheduled services − XLR launch set for 2023, over 380 aircraft on order; longest range single-aisle at 4,700nm • Expected to be one of the first aircraft in the skies once capacity starts to return in H2 Top 5 A321-neo Operators A321neo Liquidity / Market Update Airbus A321neo Fleet Distribution (In Service / Stored / On Order) Operator Quantity Lat. Am & • Currently, there are 100 A321neo aircraft in service / on Undisclosed Carribean IndiGo 398 order with around 26 operators 3% 6% AirAsia 351 • Backlog has increased to 3,000 A321neos from almost 100 Wizz Air 206 Middle East customers, following gain of over 140 new orders in Q1 7% VietJet Air 138 • Broad customer base including large low-cost carriers American airlines 120 • Market values have been reviewed in the COVID-19 Total 1,213 environment and remain stable, the type has not been North Asia-Pacific America 49% subjected to any distressed sales Top 5 A321neo Lessors 16% • Full commonality with the rest of the A320neo family, and a (In Service / Stored / On Order) high degree of commonality with the A320ceo (including Operator Quantity pilot type rating), helping make this one of the most liquid Air Lease 178 Europe narrowbodies AerCap 133 19% • Lessors have already placed neo family aircraft into airlines GECAS 117 which are all ceo operators, in small quantities, without any China Aircraft Leasing 66 difficulty Aviation Capital Group 41 Total 535 Source: Cirium Fleets Analyzer, Ascend Asset Market Commentary as of Q2 2020 18 THE COLLATERAL: AIRBUS A321neo The Airbus A321neo is the most prominent competing narrowbody aircraft to the Boeing 737 Max • Compelling economics and payload/range capability at top of single-aisle market, with fuel burn savings at more than 15% over the Ceo • A321neo ACF with 240 seats now in service, as well as first A321LRs, already operating transatlantic scheduled services − XLR launch set for 2023, over 380 aircraft on order; longest range single-aisle at 4,700nm • Expected to be one of the first aircraft in the skies once capacity starts to return in H2 Top 5 A321-neo Operators A321neo Liquidity / Market Update Airbus A321neo Fleet Distribution (In Service / Stored / On Order) Operator Quantity Lat. Am & • Currently, there are 100 A321neo aircraft in service / on Undisclosed Carribean IndiGo 398 order with around 26 operators 3% 6% AirAsia 351 • Backlog has increased to 3,000 A321neos from almost 100 Wizz Air 206 Middle East customers, following gain of over 140 new orders in Q1 7% VietJet Air 138 • Broad customer base including large low-cost carriers American airlines 120 • Market values have been reviewed in the COVID-19 Total 1,213 environment and remain stable, the type has not been North Asia-Pacific America 49% subjected to any distressed sales Top 5 A321neo Lessors 16% • Full commonality with the rest of the A320neo family, and a (In Service / Stored / On Order) high degree of commonality with the A320ceo (including Operator Quantity pilot type rating), helping make this one of the most liquid Air Lease 178 Europe narrowbodies AerCap 133 19% • Lessors have already placed neo family aircraft into airlines GECAS 117 which are all ceo operators, in small quantities, without any China Aircraft Leasing 66 difficulty Aviation Capital Group 41 Total 535 Source: Cirium Fleets Analyzer, Ascend Asset Market Commentary as of Q2 2020 18

2020-1 POSITION OF COLLATERAL IN JETBLUE'S FLEET Strategic Importance to JetBlue A321-231HD (200 Core Seats) A321-231LD (143 Core, 16 Mint Seats) A321-271NX HD (200 Core Seats) • The eight A321-231LD aircraft included in the • The seven A321-271NX HD aircraft included in • The nine A321-231HD aircraft included in the JBLU 2020-1 portfolio offer 38 more seats than JBLU 2020-1 portfolio are equipped with Mint: the JBLU 2020-1 portfolio are 15% more fuel a restyled A320, enabling growth at slot and JetBlue’s industry leading, lie-flat, premium efficient than their CEO counterparts and thus gate constrained airports without adding product provide even more network flexibility frequency • JetBlue utilizes the A321-231LD primarily on • The aircraft’s better fuel and engine Transcon routes, some of which are now the performance enable JetBlue to extend its range • The A321-231HD frees resources by providing similar capacity on less frequency; changing most profitable routes for JetBlue like JetBlue’s to nearly 3,000 miles and better serve airports JFK-FLL from 8x A320s (1,296 seats) to 6x LAX Mint Franchise (JFK, BOS and FLL) with shorter runways, obstructions or A321s (1,200 seats), two aircraft and two JFK operational constraints slots are freed up Source: JetBlue as of July 14, 2020 19 2020-1 POSITION OF COLLATERAL IN JETBLUE'S FLEET Strategic Importance to JetBlue A321-231HD (200 Core Seats) A321-231LD (143 Core, 16 Mint Seats) A321-271NX HD (200 Core Seats) • The eight A321-231LD aircraft included in the • The seven A321-271NX HD aircraft included in • The nine A321-231HD aircraft included in the JBLU 2020-1 portfolio offer 38 more seats than JBLU 2020-1 portfolio are equipped with Mint: the JBLU 2020-1 portfolio are 15% more fuel a restyled A320, enabling growth at slot and JetBlue’s industry leading, lie-flat, premium efficient than their CEO counterparts and thus gate constrained airports without adding product provide even more network flexibility frequency • JetBlue utilizes the A321-231LD primarily on • The aircraft’s better fuel and engine Transcon routes, some of which are now the performance enable JetBlue to extend its range • The A321-231HD frees resources by providing similar capacity on less frequency; changing most profitable routes for JetBlue like JetBlue’s to nearly 3,000 miles and better serve airports JFK-FLL from 8x A320s (1,296 seats) to 6x LAX Mint Franchise (JFK, BOS and FLL) with shorter runways, obstructions or A321s (1,200 seats), two aircraft and two JFK operational constraints slots are freed up Source: JetBlue as of July 14, 2020 19

QUESTIONS? QUESTIONS?

IV. 2Q 2020 Earnings Update IV. 2Q 2020 Earnings Update

SUMMARY FINANCIALS 2Q 2020 METRIC 2Q 2020 2Q 2019 Change YoY ASM (millions) 2,413 16,029 (84.9%) RASM (cents) 8.91 13.14 (32.2%) CASM (cents) 25.90 11.58 123.7% (1) CASM ex-Fuel (cents) 36.95 8.46 336.6% Fuel ($/gallon) 0.96 2.16 (55.4%) Earnings per Share (GAAP) (1.18) 0.59 (1) Earnings per Share (Non-GAAP) (2.02) 0.60 (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 22 SUMMARY FINANCIALS 2Q 2020 METRIC 2Q 2020 2Q 2019 Change YoY ASM (millions) 2,413 16,029 (84.9%) RASM (cents) 8.91 13.14 (32.2%) CASM (cents) 25.90 11.58 123.7% (1) CASM ex-Fuel (cents) 36.95 8.46 336.6% Fuel ($/gallon) 0.96 2.16 (55.4%) Earnings per Share (GAAP) (1.18) 0.59 (1) Earnings per Share (Non-GAAP) (2.02) 0.60 (1) Refer to reconciliations of non-GAAP financial measures in Appendix A 22

MANAGING SHORT TERM BOOKINGS VOLATILITY REVENUE YOY GROWTH • Demand bottomed in mid-April; some improvement Actual Estimate through the end of 2Q started in late May Current planning (1) assumption − 2Q 2020 revenue declined (90%) YoY, driven by acute demand challenges − Small improvement in volumes stalled in July -15% • Expect continued volatility in 3Q bookings − Based on latest forward bookings and current planning assumptions, estimating 3Q revenue decline of approximately (80%) YoY for planning purposes -80% -83% − Demand continues to be driven by COVID-19 infection rates -90% -93% -94% and quarantine measures in place (1) April May June 1Q 2Q 3Q* (1) Current planning assumption as of July 28, 2020; does not constitute guidance 23 MANAGING SHORT TERM BOOKINGS VOLATILITY REVENUE YOY GROWTH • Demand bottomed in mid-April; some improvement Actual Estimate through the end of 2Q started in late May Current planning (1) assumption − 2Q 2020 revenue declined (90%) YoY, driven by acute demand challenges − Small improvement in volumes stalled in July -15% • Expect continued volatility in 3Q bookings − Based on latest forward bookings and current planning assumptions, estimating 3Q revenue decline of approximately (80%) YoY for planning purposes -80% -83% − Demand continues to be driven by COVID-19 infection rates -90% -93% -94% and quarantine measures in place (1) April May June 1Q 2Q 3Q* (1) Current planning assumption as of July 28, 2020; does not constitute guidance 23

ADJUSTING CAPACITY TO EVOLVING DEMAND TRENDS ASM YOY GROWTH • Significant capacity reductions in 2Q in response to Flown Planned lower demand Current planning (1) assumption − 2Q capacity down (85%) YoY; continued to manage scheduled and close-in cancels − Near-term capacity actions aimed at generating cash -4% • 3Q capacity aimed at cash generation opportunities − Planning Q3 capacity decline of at least ~(45%) YoY; -45% managing capacity to drive improvements in bookings and revenue − Adapting quickly to volatile revenue trends; reduced August -79% -85% -85% -91% schedules ~20% in late July in response to demand stalling (1) April May June 1Q 2Q 3Q* in July (1) Current planning assumption as of July 28, 2020; does not constitute guidance 24 ADJUSTING CAPACITY TO EVOLVING DEMAND TRENDS ASM YOY GROWTH • Significant capacity reductions in 2Q in response to Flown Planned lower demand Current planning (1) assumption − 2Q capacity down (85%) YoY; continued to manage scheduled and close-in cancels − Near-term capacity actions aimed at generating cash -4% • 3Q capacity aimed at cash generation opportunities − Planning Q3 capacity decline of at least ~(45%) YoY; -45% managing capacity to drive improvements in bookings and revenue − Adapting quickly to volatile revenue trends; reduced August -79% -85% -85% -91% schedules ~20% in late July in response to demand stalling (1) April May June 1Q 2Q 3Q* in July (1) Current planning assumption as of July 28, 2020; does not constitute guidance 24

REBUILDING OUR MARGINS THROUGH COST EXECUTION YOY OPERATING EXPENSES COST INITIATIVES (1) Planned Actual GAAP Actual Non-GAAP • Aggressive cost reductions and capacity actions in response to changes in demand Current planning (2) assumption ‒ Managing variable and fixed costs in the short term, with 7% capacity actions to protect liquidity and generate cash • Planning for margin recovery through cost -4% restructuring efforts ‒ Permanently removing fixed costs, maximizing -35% variable/fixed ratio -45% -49% -50% -55% -64% -64% -66% -71% (1) April May June 1Q 2Q 3Q* (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A (2) Current planning assumption as of July 28, 2020; does not constitute guidance 25 REBUILDING OUR MARGINS THROUGH COST EXECUTION YOY OPERATING EXPENSES COST INITIATIVES (1) Planned Actual GAAP Actual Non-GAAP • Aggressive cost reductions and capacity actions in response to changes in demand Current planning (2) assumption ‒ Managing variable and fixed costs in the short term, with 7% capacity actions to protect liquidity and generate cash • Planning for margin recovery through cost -4% restructuring efforts ‒ Permanently removing fixed costs, maximizing -35% variable/fixed ratio -45% -49% -50% -55% -64% -64% -66% -71% (1) April May June 1Q 2Q 3Q* (1) Operating expenses excluding special items; refer to reconciliations of non-GAAP financial measures in Appendix A (2) Current planning assumption as of July 28, 2020; does not constitute guidance 25

REDUCING OUR CAPITAL EXPENDITURES (2) REVISED CAPEX FLEET Actual Planned (1) As of 12/31/2020 (US$ million) As of 12/31/2019 1 13 6 800 - 850 35 35 28 28 130 130 175 67 60 60 (1) (1) (1) 2Q 3Q* 2020* 2019 2020* E190 A320 A321 HD A321 Mint A321neo HD A220 st • Expect to continue revisiting CAPEX based on recovery trends • On July 1 , took delivery of one A321neo, fleet count 263 • Remaining 2020 NEO deliveries expected to be financed • Anticipate taking three more A321neos and one A220 through sale leasebacks (1) Current planning assumption as of June 30, 2020; does not constitute guidance. Please refer to Appendix B for latest order book 26 REDUCING OUR CAPITAL EXPENDITURES (2) REVISED CAPEX FLEET Actual Planned (1) As of 12/31/2020 (US$ million) As of 12/31/2019 1 13 6 800 - 850 35 35 28 28 130 130 175 67 60 60 (1) (1) (1) 2Q 3Q* 2020* 2019 2020* E190 A320 A321 HD A321 Mint A321neo HD A220 st • Expect to continue revisiting CAPEX based on recovery trends • On July 1 , took delivery of one A321neo, fleet count 263 • Remaining 2020 NEO deliveries expected to be financed • Anticipate taking three more A321neos and one A220 through sale leasebacks (1) Current planning assumption as of June 30, 2020; does not constitute guidance. Please refer to Appendix B for latest order book 26

TAKING ACTION TO PROTECT LIQUIDITY (1) DEBT REPAYMENTS* LEVERAGE DEBT REPAYMENTS Principal Interest Adjusted (US$ million) (2) Debt to Cap Actuals Planned 55% 44% 34% 102 93 89 78 (3) 44 41 30 19 (1) (1) Dec 31 2019 Mar 31 2020 Jun 30 2020 1Q 2Q 3Q* 4Q* • Raised ~$750M via term loan, exceeding initial expectations • Executed $118M in sale leaseback (“SLB”) transactions in 2Q; additional SLBs executed in July 2020 and under contract • Received $251M under CARES Act PSP. Evaluating CARES Act Loan Program for $1.14B as contingency plan (1) Cash outflows related to debt repayment schedule (principal and interest) as of 6/30/2020; does not give effect to any future debt raises (including this offering) and does not constitute guidance (2) Refer to reconciliations of non-GAAP financial measures in Appendix A (3) $32M additional cash outflows during period related to financing fees 27 TAKING ACTION TO PROTECT LIQUIDITY (1) DEBT REPAYMENTS* LEVERAGE DEBT REPAYMENTS Principal Interest Adjusted (US$ million) (2) Debt to Cap Actuals Planned 55% 44% 34% 102 93 89 78 (3) 44 41 30 19 (1) (1) Dec 31 2019 Mar 31 2020 Jun 30 2020 1Q 2Q 3Q* 4Q* • Raised ~$750M via term loan, exceeding initial expectations • Executed $118M in sale leaseback (“SLB”) transactions in 2Q; additional SLBs executed in July 2020 and under contract • Received $251M under CARES Act PSP. Evaluating CARES Act Loan Program for $1.14B as contingency plan (1) Cash outflows related to debt repayment schedule (principal and interest) as of 6/30/2020; does not give effect to any future debt raises (including this offering) and does not constitute guidance (2) Refer to reconciliations of non-GAAP financial measures in Appendix A (3) $32M additional cash outflows during period related to financing fees 27

Appendices Appendices

APPENDIX A Non-GAAP Financial Measures JetBlue sometimes uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information in Appendix A provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. 29 APPENDIX A Non-GAAP Financial Measures JetBlue sometimes uses non-GAAP financial measures in this presentation. Non-GAAP financial measures are financial measures that are derived from the consolidated financial statements, but that are not presented in accordance with generally accepted accounting principles in the United States, or GAAP. We believe these non-GAAP financial measures provide a meaningful comparison of our results to others in the airline industry and our prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, our financial performance measures prepared in accordance with GAAP. Further, our non-GAAP information may be different from the non-GAAP information provided by other companies. The information in Appendix A provides an explanation of each non-GAAP financial measure and shows a reconciliation of non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measures. 29

2Q 2020 FINANCIAL RESULTS US$ Millions 2Q 2020 2Q 2019 Var % Total Operating Revenues 215 2,105 (89.8) Aircraft fuel and related taxes 29 484 (94.0) Salaries, wages and benefits 477 576 (17.1) Landing fees and other rents 62 121 (48.8) Depreciation and amortization 140 127 10.2 Aircraft rent 16 25 (36.7) Sales and marketing 8 75 (89.6) Maintenance, materials and repairs 73 168 (56.4) Other operating expenses 124 277 (55.3) Special items (304) 2 (13,121.7) Operating (Loss) Income (410) 250 (264.3) Other Income (Expense) (40) (14) (198.6) (Loss) income before income taxes (450) 236 (290.2) Income tax (benefit) expense (130) 57 (326.8) NET (LOSS) INCOME (320) 179 (278.6) Pre-Tax Margin (209.2%) 11.2% (220.4) pts (Loss) Earnings per Share (EPS) (GAAP) ($1.18) $0.59 (1) Adj. Pre-Tax Margin (351.0%) 11.3% (362.3) pts (1) Adj. (Loss) Earnings per Share (EPS) (Non- GAAP) ($2.02) $0.60 (1) Refer to reconciliations of non-GAAP financial measures in this Appendix A 30 2Q 2020 FINANCIAL RESULTS US$ Millions 2Q 2020 2Q 2019 Var % Total Operating Revenues 215 2,105 (89.8) Aircraft fuel and related taxes 29 484 (94.0) Salaries, wages and benefits 477 576 (17.1) Landing fees and other rents 62 121 (48.8) Depreciation and amortization 140 127 10.2 Aircraft rent 16 25 (36.7) Sales and marketing 8 75 (89.6) Maintenance, materials and repairs 73 168 (56.4) Other operating expenses 124 277 (55.3) Special items (304) 2 (13,121.7) Operating (Loss) Income (410) 250 (264.3) Other Income (Expense) (40) (14) (198.6) (Loss) income before income taxes (450) 236 (290.2) Income tax (benefit) expense (130) 57 (326.8) NET (LOSS) INCOME (320) 179 (278.6) Pre-Tax Margin (209.2%) 11.2% (220.4) pts (Loss) Earnings per Share (EPS) (GAAP) ($1.18) $0.59 (1) Adj. Pre-Tax Margin (351.0%) 11.3% (362.3) pts (1) Adj. (Loss) Earnings per Share (EPS) (Non- GAAP) ($2.02) $0.60 (1) Refer to reconciliations of non-GAAP financial measures in this Appendix A 30

Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM Ex-Fuel”) Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. LOCATION NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ per ASM $ per ASM $ per ASM $ per ASM Total operating expenses $ 625 $ 25. 90 $ 1, 855 $ 11. 58 $ 2, 547 $ 14. 72 $ 3, 652 $ 11. 60 Less: Aircraft fuel and related taxes 29 1. 21 484 3. 02 394 2. 28 921 2. 93 Other non-airline expenses 9 0. 36 12 0. 09 22 0. 13 23 0. 07 Special items ( 304) ( 12.62) 2 0. 01 ( 102) ( 0.59) 14 0. 04 Operating expenses, excluding fuel $ 891 $ 36. 95 $ 1, 357 $ 8. 46 $ 2, 233 $ 12. 90 $ 2, 694 $ 8. 56 31 Operating expense per available seat mile, excluding fuel and related taxes, other non-airline operating expenses, and special items (“CASM Ex-Fuel”) Operating expenses per available seat mile, or CASM, is a common metric used in the airline industry. We exclude aircraft fuel and related taxes, operating expenses related to other non-airline businesses, such as JetBlue Technology Ventures and JetBlue Travel Products, and special items from operating expenses to determine CASM ex-fuel, which is a non-GAAP financial measure. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe that CASM ex-fuel is useful for investors because it provides investors the ability to measure financial performance excluding items beyond our control, such as fuel costs, which are subject to many economic and political factors, or not related to the generation of an available seat mile, such as operating expense related to certain non-airline businesses. We believe this non-GAAP measure is more indicative of our ability to manage airline costs and is more comparable to measures reported by other major airlines. LOCATION NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE PER ASM, EXCLUDING FUEL ($ in millions, per ASM data in cents) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ per ASM $ per ASM $ per ASM $ per ASM Total operating expenses $ 625 $ 25. 90 $ 1, 855 $ 11. 58 $ 2, 547 $ 14. 72 $ 3, 652 $ 11. 60 Less: Aircraft fuel and related taxes 29 1. 21 484 3. 02 394 2. 28 921 2. 93 Other non-airline expenses 9 0. 36 12 0. 09 22 0. 13 23 0. 07 Special items ( 304) ( 12.62) 2 0. 01 ( 102) ( 0.59) 14 0. 04 Operating expenses, excluding fuel $ 891 $ 36. 95 $ 1, 357 $ 8. 46 $ 2, 233 $ 12. 90 $ 2, 694 $ 8. 56 31

Operating Expenses, Operating Income, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS (in millions, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Total operating revenues $ 215 $ 2,105 $ 1,803 $ 3,977 Total operating expenses $ 625 $ 1,855 $ 2,547 $ 3,652 Less: Special items (304) 2 (102) 14 Total operating expenses excluding special items $ 929 $ 1,853 $ 2,649 $ 3,638 Operating (loss) income $ (410) $ 250 $ (744) $ 325 Add back: Special items (304) 2 (102) 14 Operating (loss) income excluding special items $ (714) $ 252 $ (846) $ 339 Operating margin excluding special items -332.6% 12.0% -46.9% 8.5% (Loss) income before income taxes $ (450) $ 236 $ (804) $ 294 Add back: Special items (304) 2 (102) 14 (Loss) income before income taxes excluding special items $ (754) $ 238 $ (906) $ 308 Pre-tax margin excluding special items -351.0% 11.3% -50.2% 7.8% Net (loss) income $ (320) $ 179 $ (588) $ 221 Add back: Special items (304) 2 (102) 14 Less: Income tax (expense) benefit related to special items (76) 1 (26) 3 Net (loss) income excluding special items $ (548) $ 180 $ (664) $ 232 (Loss) Earnings Per Common Share: Basic $ (1.18) $ 0.60 $ (2.14) $ 0.73 Add back: Special items, net of tax (0.84) - (0.28) 0.03 Basic excluding special items $ (2.02) $ 0.60 $ (2.42) $ 0.76 Diluted $ (1.18) $ 0.59 $ (2.14) $ 0.73 Add back: Special items, net of tax (0.84) 0.01 (0.28) 0.03 Diluted excluding special items $ (2.02) $ 0.60 $ (2.42) $ 0.76 32 Operating Expenses, Operating Income, Income before Taxes, Net Income and Earnings per Share, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF OPERATING EXPENSE, INCOME BEFORE TAXES, NET INCOME AND EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS (in millions, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Total operating revenues $ 215 $ 2,105 $ 1,803 $ 3,977 Total operating expenses $ 625 $ 1,855 $ 2,547 $ 3,652 Less: Special items (304) 2 (102) 14 Total operating expenses excluding special items $ 929 $ 1,853 $ 2,649 $ 3,638 Operating (loss) income $ (410) $ 250 $ (744) $ 325 Add back: Special items (304) 2 (102) 14 Operating (loss) income excluding special items $ (714) $ 252 $ (846) $ 339 Operating margin excluding special items -332.6% 12.0% -46.9% 8.5% (Loss) income before income taxes $ (450) $ 236 $ (804) $ 294 Add back: Special items (304) 2 (102) 14 (Loss) income before income taxes excluding special items $ (754) $ 238 $ (906) $ 308 Pre-tax margin excluding special items -351.0% 11.3% -50.2% 7.8% Net (loss) income $ (320) $ 179 $ (588) $ 221 Add back: Special items (304) 2 (102) 14 Less: Income tax (expense) benefit related to special items (76) 1 (26) 3 Net (loss) income excluding special items $ (548) $ 180 $ (664) $ 232 (Loss) Earnings Per Common Share: Basic $ (1.18) $ 0.60 $ (2.14) $ 0.73 Add back: Special items, net of tax (0.84) - (0.28) 0.03 Basic excluding special items $ (2.02) $ 0.60 $ (2.42) $ 0.76 Diluted $ (1.18) $ 0.59 $ (2.14) $ 0.73 Add back: Special items, net of tax (0.84) 0.01 (0.28) 0.03 Diluted excluding special items $ (2.02) $ 0.60 $ (2.42) $ 0.76 32

Monthly Operating Expense, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF MONTHLY OPERATING EXPENSE EXCLUDING SPECIAL ITEMS (in millions) (unaudited) Month ended 2020 2019 April 30, May 31, June 30, April 30, May 31, June 30, Total operating expenses $ 219 $ 182 $ 224 $ 607 $ 631 $ 617 Less: Special items (113) (99) (92) 1 1 - Operating expenses, excluding special items $ 332 $ 281 $ 316 $ 606 $ 630 $ 617 33 Monthly Operating Expense, excluding special items Our GAAP results in the applicable periods were impacted by charges that are deemed special items. We believe the impacts of these items make our results difficult to compare to prior periods as well as future periods and guidance. In 2020, special items include contra expenses recognized on the utilization of payroll support grants received under the CARES Act and the impairment charge of our Embraer E190 fleet. Special items for 2019 include one-time costs related to the Embraer E190 fleet transition as well as one-time costs related to the implementation of our pilots' collective bargaining agreement. We believe the impacts of these items distort our overall trends and that our metrics and results are enhanced with the presentation of our results excluding the impact of these items. The table below provides a reconciliation of our GAAP reported amounts to the non-GAAP amounts excluding the impacts of these items. NON-GAAP FINANCIAL MEASURE RECONCILIATION OF MONTHLY OPERATING EXPENSE EXCLUDING SPECIAL ITEMS (in millions) (unaudited) Month ended 2020 2019 April 30, May 31, June 30, April 30, May 31, June 30, Total operating expenses $ 219 $ 182 $ 224 $ 607 $ 631 $ 617 Less: Special items (113) (99) (92) 1 1 - Operating expenses, excluding special items $ 332 $ 281 $ 316 $ 606 $ 630 $ 617 33

Adjusted Debt to Capitalization Ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. LOCATION NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) June 30, 2020 December 31, 2019 Long-term debt and finance leases $ 3,430 $ 1,990 Current maturities of long-term debt and finance leases 362 344 Short-term borrowings 984 - Operating lease liabilities - aircraft 163 183 Adjusted debt 4,939 2,517 Long-term debt and finance leases 3,430 1,990 Current maturities of long-term debt and finance leases 362 344 Short-term borrowings 984 - Operating lease liabilities - aircraft 163 183 Stockholders' equity 4,094 4,799 Adjusted capitalization 9,033 7,316 Adjusted debt to capitalization ratio 55% 34% 34 Adjusted Debt to Capitalization Ratio Adjusted debt to capitalization ratio is a non-GAAP financial metric which we believe is helpful to investors in assessing the company's overall debt profile. Adjusted debt includes aircraft operating lease liabilities, in addition to total debt and finance leases, to present estimated financial obligations. Adjusted capitalization represents total equity plus adjusted debt. LOCATION NON-GAAP FINANCIAL MEASURE ADJUSTED DEBT TO CAPITALIZATION RATIO (in millions) (unaudited) June 30, 2020 December 31, 2019 Long-term debt and finance leases $ 3,430 $ 1,990 Current maturities of long-term debt and finance leases 362 344 Short-term borrowings 984 - Operating lease liabilities - aircraft 163 183 Adjusted debt 4,939 2,517 Long-term debt and finance leases 3,430 1,990 Current maturities of long-term debt and finance leases 362 344 Short-term borrowings 984 - Operating lease liabilities - aircraft 163 183 Stockholders' equity 4,094 4,799 Adjusted capitalization 9,033 7,316 Adjusted debt to capitalization ratio 55% 34% 34

APPENDIX B: CONTRACTUAL ORDER BOOK A220 A321NEO A321NEO LR Total (1) 2020 1 7 8 2021 7 5 5 17 2022 8 4 3 15 Total 16 12 12 40 Delivery schedule, as of June 30, 2020 (1) Includes 3 deliveries received in 1Q 2020 35 APPENDIX B: CONTRACTUAL ORDER BOOK A220 A321NEO A321NEO LR Total (1) 2020 1 7 8 2021 7 5 5 17 2022 8 4 3 15 Total 16 12 12 40 Delivery schedule, as of June 30, 2020 (1) Includes 3 deliveries received in 1Q 2020 35